Global Permanent Magnets Market to Expand 2x by 2031: Fact.MR Study
Published : 12 Aug 2021 Industry: Industrial Goods
The permanent magnets market is witnessing escalating growth, expected to reach US$ 34.4 Bn in 2021, concludes a recently published market research report by Fact.MR. The study estimates that revenues reach US$ 78 Bn by 2031, expanding at a CAGR of 8.5%.
From 2016 to 2020, global sales of permanent magnets expanded at around 8% CAGR, closing in at a revenue share of US$ 34 Bn by the end of the aforementioned historical period. Sales were downplayed across key sectors such as automotive amid the COVID-19 pandemic, attributed to strict curbs on factory operations, while industries such as the consumer electronics sustained demand.
Manufacturers are capitalizing on the Chinese market. According to various studies, China has been designated as the world’s leader in mining of rare earth ores, a key raw material needed for most magnets. Studies report that China mines over 55% of the world's rare earth ores needed for most magnets making it the biggest producer of rare earth magnets.
Key Takeaways from the Market Study
- Global permanent magnets market is anticipated to add over 2x value by 2031 compared to 2021
- By material, neodymium iron boron magnets are poised to reach nearly US$ 10 Bn by 2031
- Automotive applications to expand the highest, registering a stellar 10.7% CAGR
- Deployment for medical instruments manufacturing to expand dexterously at a CAGR of 9%
- U.S market for permanent magnets likely to be valued at US$ 5 Bn by 2031
- Asia to hold an impressive revenue share, accounting for 51% of global demand until 2031
“Technology transitions such as rollout of AI and IoT boosted the electric car manufacturing and automated machines for mining activities will encourage industry growth of permanent magnets until 2031,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In March 2021, Arnold magnetic Technologies announced acquisition of Ramco Electric Motors, Inc. This transaction further advances Arnold’s strategic priorities to deliver new materials and engineered solutions that empower customers to develop next generation technologies
- In April 2021, TimkenSteel Corp. announceda purchase agreement with Daido Steel (Shanghai) Co., Ltd. ("Daido") with the intent to sell its TimkenSteel (Shanghai) Corporation Limited ("TSS") subsidiary in China for approximately US$ 7 Mn in cash
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the permanent magnets market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on material (ferrite, neodymium iron boron, aluminium nickel cobalt and samarium cobalt) and application (automotive, consumer goods & electronics, industrial, aerospace & defense, energy, medical) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial goods across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive